Layn(002166) 华鑫证券·2024-05-05 01:30Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS of 0.24/0.33/0.47 yuan for 2024-2026 and corresponding P/E ratios of 32/24/17 times [13] Core Viewpoints - The company is a global leader in the plant extraction industry, leveraging R&D, process, and management advantages to build core competitiveness [13] - With the end of the industry's inventory destocking cycle and rising product prices, the company's profitability is expected to improve continuously [13] - The company's globalization strategy is steadily advancing, with overseas revenue reaching 994 million yuan in 2023, a 6% YoY increase [29] - The company initiated a global supply chain layout in 2023, exploring opportunities in Southeast Asia, Central Asia, South America, and Africa to enhance risk resilience [29] Financial Performance - The company's 2023 revenue was 1.494 billion yuan, a 7% YoY increase, with Q4 revenue of 605 million yuan, a 43% YoY increase [34] - Net profit attributable to the parent company in 2023 was 83 million yuan, a 53.8% YoY decrease, but Q4 net profit was 42 million yuan, a 1323% YoY increase [34] - The company's gross margin in 2023 was 24.41%, a 6 percentage point YoY decrease, mainly due to price declines in core plant extraction products and inventory impairment [34] - The company's net profit margin in 2023 was 6.58%, a 7 percentage point YoY decrease, but improved to 8.17% in Q1 2024 [34] Business Segments - The plant extraction business achieved revenue of 1.484 billion yuan in 2023, a 12% YoY increase [34] - Natural sweetener business revenue was 903 million yuan in 2023, a 2% YoY increase, driven by volume growth despite price declines in monk fruit [34] - Tea extract business revenue was 179 million yuan in 2023, a 10% YoY increase, with a gross margin exceeding 30% [34] - Industrial hemp business incurred a loss of 70 million yuan in 2023 due to market clearing, but the company is accelerating capacity release in the hemp vaping sector [34] Future Outlook - The company is expected to achieve revenue of 1.793/2.115/2.453 billion yuan in 2024-2026, with YoY growth rates of 20%/18%/16% [35] - Net profit attributable to the parent company is expected to reach 180/246/347 million yuan in 2024-2026, with YoY growth rates of 117.9%/37%/40.7% [35] - ROE is projected to improve from 2.6% in 2023 to 5.6%/7.8%/11.1% in 2024-2026 [35] Share Repurchase - The company plans to repurchase 1-2 billion yuan worth of shares at a price not exceeding 8.50 yuan per share for equity incentive or employee stock ownership plans [40] - As of March 31, 2024, the company has repurchased 7.9921 million shares, accounting for 1.08% of the total share capital [40]